Similarities Between Flood & Health Insurance
By Admin | September 25, 2017
Some areas are prone to flooding. And most of us will at some point need very expensive medical care, thanks to longer lifespans. But for some reason, people have purchased less flood insurance in the last five years--9 percent less in Houston and 15 percent less in Florida.
But why would people who have seen so many floods forgo flood insurance? According to Roy Wright, the head of the federal flood insurance program, flood insurance doesn’t fit into already stretched family budgets.
In some of Florida’s most hazardous areas, only 41 percent of homes had flood insurance.
This parallels with why people need affordable health insurance; we’re all going to need it.
In spite of median household incomes rising in 2016, the cost of healthcare has risen even more, meaning so-called average families are struggling with medical costs.
For those who lost homes in Texas and Florida, the government will step in to help rebuild, which means we’re all stepping in. And when it comes to a sick person, we should help him as well.
For more, read “Why Hurricanes Are Like Health Care” by Elisabeth Rosenthal for Bloomberg View.